The BDO team, led by CFO Lynn Calhoun, evaluated several alternatives and selected OneStream as their go-forward solution. According to Calhoun, OneStream was selected because it met three primary requirements: scalability, information delivery, and data integrity. OneStream offers a platform that would handle larger data volumes as BDO grows, and empowers key decision makers with accurate information, rich dashboarding and reporting capabilities. By combining multiple disparate data sets, OneStream creates “One Source of the Truth” for BDO.
Transforming Financial Planning & Reporting
The BDO team had several objectives in mind as they started their OneStream implementation, with the support of OneStream implementation partner Finit. They wanted to replace their current Hyperion solutions with a unified CPM solution that is easier to administer, maintain and own while supporting simplified data flows.
They also wanted to streamline and improve the financial planning submission / collection process and enhance the reporting and analysis capabilities for FP&A users with deeper information and insights. From a financial close and reporting standpoint, they wanted to enhance the data and processes they were utilizing, and align their external, legal, management and FP&A reporting.
The BDO and Finit team launched a multi-phase project in October 2018 that initially focused on implementing OneStream for actuals reporting. Then in the second phase, they extended the application to support their
budgeting and planning process. A key capability that was delivered as part of the solution was a central landing page for all users. According to Calhoun, “BDO wanted users’ first experience with OneStream to be a page that could guide them to each key area of the application and provide critical status information.”
Leveraging Extensible Dimensionality &
BDO leverages OneStream’s Extensible Dimensionality® framework to address different levels of detail between budget / forecast collection and actuals reporting. This is leveraged across the Accounts, Cost
Centers and Departments dimension in their application, providing additional granularity for reporting and planning across various lines of business — all in a single application.
BDO was one of the first customers to leverage OneStream’s Analytic Blend capabilities to report and analyze on large volumes of daily transactional data. According to Matt Spencer of Finit, “BDO loads 10 million records nightly, which is transformed into 30 to 40 million rows of data in OneStream’s Analytic Blend engine, with over 300 trillion cell intersections. After a few hours of processing, this data is then available to BDO’s users via their interactive dashboards.”
Unleashing the Value of Finance
As a result of this project, the BDO team now has a reliable and stable system supporting their mission-critical planning and reporting processes. BDO has enabled their users to shift more of their time to value-added
analysis vs. system maintenance. “We now have happy users who are able to absorb information the way they want with self-service reporting and dashboards,” said Calhoun. “This includes a wide range of information, not just financial—including managing people and clients.”
Through OneStream’s unified application, there’s now a direct linkage between actual and budget — avoiding the need to transfer data between different systems for analysis. And the BDO Finance team is very pleased with the high level of customer support and responsiveness they are getting from OneStream, and the internal development team is more willing to take on enhancement requests.
While BDO has achieved a lot in a short period of time with their OneStream implementation, there are more opportunities on the horizon. The team is now evaluating the use of OneStream for rolling forecasts, as well as several XF MarketPlace solutions including Account Reconciliations and Predictive Analytics.
About the Implementation Partner
At Finit we believe that creating value starts with aligning ourselves with your best interests. Our approach and methodologies are based on client advocacy — your goals are our goals, and we’ve crafted our project lifecycle around acting as an advisor and advocate throughout. Finit’s full lifecycle implementation methodology centers on four sequential project phases with infrastructure, integration, and project management activities crossing all four phases. Finit’s design methodology is a process of craftsmanship and collaboration. We act as your advocate by developing a clear, detailed, comprehensive understanding of your goals. For more information, visit https://info.finit.com/the-leading-onestream-software-partner.